Rishi Sunak said that he wanted companies to invest in the UK’s energy production capabilitiesRishi Sunak has threatened energy companies with a windfall tax on their profits unless they increase investment in the UK’s supply. The chancellor said that a windfall tax was “something I would look at” if companies failed to invest in helping the country to produce more of its own energy. Boris Johnson has described the idea as a “tax on business” and until now Sunak himself has repeatedly ruled out the approach. A windfall tax on energy companies is one of Labour’s flagship policies. Energy companies have seen their profits surge at a time of record oil and gas prices.

Source: The Times April 28, 2022 11:02 UTC